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- Throughout the December quarter, Minbos Resources (MNB) continued advancing the Cabinda Phosphate Project in Angola, West Africa
- In mid-December, the company signed a memorandum of understanding (MOU) with the International Fertiliser Development Centre
- Under this MOU, the IFDC will grow a small holder farmers market in Angola while Minbos will utilise its Cabinda Phosphate Project
- While Cabinda isn’t yet in the production phase, it’s set to begin producing 50,000 tonnes per annum of phosphate
- Additionally, three highly experienced Non-Executive Directors were appointed to help develop Cabinda
- Finally, DRA Global was appointed to deliver a definitive feasibility study (DFS) at the Caio Granulation Plant
- Throughout the quarter, Minbos burnt $628,000 with the majority going towards exploration and evaluation, and administration and corporate costs
- As of December 31, Minbos had just over $1.7 million in funding available, enough to sustain 2.7 quarters of operations if spending levels remain the same
- Minbos has entered a trading halt with shares last trading at 7 cents
Throughout the December quarter, Minbos Resources (MNB) continued advancing the Cabinda Phosphate Project in Angola, West Africa.
MOU with International Fertiliser Development Centre
In mid-December, Minbos signed a memorandum of understanding (MOU) with the International Fertiliser Development Centre (IFDC) to develop a fertiliser market.
The IFDC is an international not-for-profit organisation dedicated to increasing food security and agricultural productivity in over 100 developing countries.
Under this MOU, the IFDC will grow a small holder farmers market in Angola while Minbos will utilise its Cabinda Phosphate Project.
While Cabinda isn’t yet in the production phase, it’s set to begin producing 50,000 tonnes per annum of phosphate.
Board appointments
Earlier in the month, Minbos appointed three highly experienced Non-Executive Directors to help develop Cabinda.
Valentine Chitalu is a Zambian entrepreneur, specialising in private equity and general investment.
Paul McKenzine is a professional independent agribusiness consultant in Australia and is currently the Chairman of Kangaroo Island Plantation Timbers.
Graeme Robertson is a manager and pioneer of international mining, energy and infrastructure operations.
These appointments follow the resignation of Damian Black as Non-Executive Director on November 30.
Definitive feasibility study
DRA Global has been appointed to deliver necessary study management, design, engineering and estimating work for a definitive feasibility study (DFS) at the Caio Granulation Plant.
DRA Global will work on plant and infrastructure layout including, electrical, civil, mechanical and piping.
2021
Minbos is approaching the execution of the mining investment contract and once completed, it will begin offtake discussions with the Government of Angola.
Further, the company will continue progressing the DFS which is expected to be completed in 2H 2021.
Financials
Throughout the quarter, Minbos burnt through $628,000 with the majority going towards exploration and evaluation, and administration and corporate costs.
Additionally, the company received $993,000 from financing activities after the issue of equity securities.
As of December 31, Minbos had just over $1.7 million in funding available, enough to sustain 2.7 quarters of operations if spending levels remain the same.
Minbos has entered a trading halt with shares last trading at 7 cents.
